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馮兆山先生(Michael Fung)
經理

現任職輝立經理,對投資股票、期權經驗豐富。本人樂意為客戶提供投資分析及買賣策略。歡迎各位來電交流心得。
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國策促消費, 安踏料可受惠

Tuesday, October 15, 2024 Views677

# 近日, 中國內地推出新增刺激措施規模約2萬億元人民幣, 焦點除了加大財政政策逆周期調節力度方法、財政政策工具外, 更關注房地產及消費力問題.

 

# 市場預期, 內地政府將騰出更多資源支持經濟發展, 焦點更落在利用逆周期調節, 擴內需、促消費等.

 

# 安踏體育(2020HK)料可受惠最新刺激經濟政策

 

# 安踏體育最近發布2024年Q3的零售運營數據, 期內安踏品牌零售額同比呈穩定增長;

雖然, 期內FILA品牌銷售錄得低單位數下跌. 但於剛過去的國慶期間, FILA 品牌表現優於整體行業, 庫存折扣保持健康. 另外, 第四季的雙十一、雙十二等大促銷活動, 相信FILA 品牌將有望得到改善.

 

# 其他品牌增長達四成五至五成, 表現超預期, 在戶外熱潮及較強的品牌力影響下, 延續強勁增長勢頭. 新品牌維持強勁表現, KOLON SPORT增長六成半至七成, DESCENTE增長三成以上, 持續超預期.

 

# 線上增長優於線下

投資者值得留意一點, 安踏品牌電商延續二成以上的增長.

公司管理層正積極籌備第四季的促銷活動, 目標將放眼於銷售增長及提升利潤率.

此外, 安踏品牌庫銷比低於五倍, FILA的庫銷比約為五倍.

今年, 安踏體育推動了多樣化店型管道創新, 剛過去的國慶期間共有超過三百家新店開幕; 相信在國策扶持, 推動消費 + 經濟改善的前提下, 安踏可因此受惠, 發展上優於其他同業, 中長線有一定的投資價值.

 

# 投資策略: 可於HK$90水平作出吸, 目標價為2023年1月高位的120元水平.

 

本人馮兆山為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之證券的所有相關財務權益.

I, Michael Fung, am a licensed person under the Securities and Futures Commission. Until the date this commentary was published, neither I and/or my affiliates are the beneficiary of the securities mentioned herein or are entitled to any financial interests in relation thereto.

 

This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
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